Bankrupt lenders

Bankrupt lenders trash confidentiality

Think your personal information is safe? So did these people when they applied for a loan.

Another black eye for the mortgage industry

This is a prime example of the additional fallout from the subprime mortgage collaspe. Several lenders here in Las Vegas have gone belly up. By law, these companies are required to properly dispose of any private documents they had in their possession.

What you can do

There are several things you can do to protect your confidential information. Making sure that you shred any personal information at home before throwing it away is a must. You may also want to invest in a safety deposit box for your confidential documents. If you suspect that your information may have been lost or stolen, there are some things you should do. First off, if you suspect that your information may have been compromised pull your credit report and ask the reporting bureaus to notify you of suspicious activity and most importantly, document your actions. Having documentation may be extremely helpful to you later on. The government has established a task force to fight identity theft. You can download a free guide to avoiding identity theft and fighting back on the FTC's website here.

Comments

Outrageous behavior by bankrupt lenders

I was shocked to see this video coverage! This is a new twist on the mortgage meltdown that I knew nothing about...until now. I just emailed my lender the link to this story and asked what guarantees I have that this will never happen to me. I am worried because I am refinancing my mortgage this Friday so I just sent all this information to my lender. Moreover my lender just happens to be in financial trouble. I would love an update on this story. Is Union or its employees being held accountable for its actions? It is an outrage that Union's clients have to worry about identify theft due to the irresponsible actions of their employees.

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